Genco Shipping & Trading (Buy, TP: USD13.10) - Get the scrubbers on board
We have updated our model for Q2 results and changes to our near-term rate outlook. An increasing number of vessels are headed to dry dock for installation of scrubbers in preparation of IMO 2020 and we believe Q4 is shaping up to be interesting. We have removed potential downside to asset values from our valuation and reiterate our BUY recommendation, while we have trimmed our target price to USD13.1 (USD13.6).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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